7/24 05:30 Newsletter dispatch The scenarios for GBP/JPY? or Dollar-Yen price movement
Today’s USD/JPY Forecast: Constructing scenarios for USD/JPY price movement
From the point where yesterday’s decline was halted and from the current point where the rise was halted, there is a possibility of forming a double bottom pattern.Yesterday I noted that we had broken the weekly chart’s support, but after redrawing the lines, it became clear that we have not actually broken it.
Most likely, the battle around the weekly support level will continue for a while.
＜2018.7.24 05:30 Newsletter Distribution＞
● Scenario 1
If the range between 111.350–111.500 is broken to the upside, price may rise toward around 111.600–111.700, with a consolidation. A breakout above the range could push toward around 111.800–111.900. If the range breaks to the downside or a pullback occurs, price may fall toward around 111.350–111.450. After rising toward 111.800–111.900, price may again consolidate or pull back in that vicinity. A breakout above the range could push toward around 112.100–112.200. If it breaks to the downside or consolidates, price could fall toward around 111.550–111.650. If there is upward movement to around 112.100–112.200 and the upside momentum strengthens, there is a possibility of rising toward around 112.400–112.600.
● Scenario 2
If the range between 111.350–111.500 breaks to the downside, price may fall toward around 111.250–111.150, with a consolidation or pullback. If the range breaks lower, price could fall toward around 111.050–110.950. A breakout above the range or a pullback could push price toward around 111.550–111.450. After falling to around 111.050–110.950, price may again consolidate or pull back around that vicinity. If it breaks below the range, price could fall toward around 110.850–110.750. A breakout above the range or a pullback could push price toward around 111.350–111.250. After dropping to around 110.850–110.750, there may be a rebound.
If the range between 111.350–111.500 is broken to the upside, price may rise toward around 111.600–111.700, with a consolidation. A breakout above the range could push toward around 111.800–111.900. If the range breaks to the downside or a pullback occurs, price may fall toward around 111.350–111.450. After rising toward 111.800–111.900, price may again consolidate or pull back in that vicinity. A breakout above the range could push toward around 112.100–112.200. If it breaks to the downside or consolidates, price could fall toward around 111.550–111.650. If there is upward movement to around 112.100–112.200 and the upside momentum strengthens, there is a possibility of rising toward around 112.400–112.600.
● Scenario 2
If the range between 111.350–111.500 breaks to the downside, price may fall toward around 111.250–111.150, with a consolidation or pullback. If the range breaks lower, price could fall toward around 111.050–110.950. A breakout above the range or a pullback could push price toward around 111.550–111.450. After falling to around 111.050–110.950, price may again consolidate or pull back around that vicinity. If it breaks below the range, price could fall toward around 110.850–110.750. A breakout above the range or a pullback could push price toward around 111.350–111.250. After dropping to around 110.850–110.750, there may be a rebound.
Image of the rising trend scenario
Image of the falling trend scenario
Today’s USD/JPY Forecast: Results of the USD/JPY price-movement scenarios
Trading using indicators and market principles
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